Facebook is investing $300 million to support local news

Share

"But we also have an opportunity, and a responsibility, to help local news organizations grow and thrive".

Company Facebook, which owns the eponymous social network, invests in the next three years, $300 million in projects aimed at the development of news journalism.

"We're going to continue fighting fake news, misinformation, and low quality news on Facebook", Campbell Brown, Facebook's vice president of global news partnerships said in a statement.

Unlike Facebook's previous investments into the news industry, this latest round is distinguished by how it is not tied to Facebook-related products.

There have been some critics of the move, just as there were in the U.K. Those criticisms relate mostly to Facebook "controlling the supply chain" of news, and further increasing its power. According to the Pew Research Center, newspaper revenue has fallen industry-wide from more than $49 billion in 2006 to about $16.5 billion in 2017 - a trend Facebook's $300 million is unlikely to reverse on its own.

Pulitzer Center: a $5 million endowment gift to launch "Bringing Stories Home", a gift that will provide local newsrooms across the country with reporting grants to foster coverage on topics that affect local communities.

More news: Ant McPartlin confirms return to work with Declan Donnely later this week
More news: Nick Kyrgios responds to claims of a rift with Lleyton Hewitt
More news: $5 Billion for the Border Wall and Standing Firm

A similar initiative was launched in the U.K.in November previous year when Facebook invested $6 million in a "Community News Project".

It also includes a $1 million commitment to the American Journalism Project, aiming at promoting venture philanthropy and local civic news organizations.

Facebook also announced an investment of more than $20m to expand the Facebook Accelerator programme, which helps small publishers optimise their membership and subscription models.

Knight-Lenfest Local News Transformation Fund: a $1 million investment in this fund will be dedicated to a news innovation and technology hub that is being created to help evaluate and improve how technology is used in US newsrooms for newsgathering, product development, and sustainable business models.

In November 2018, Facebook donated $4.5m to fund 80 local news jobs in the UK.

The money will go toward programs, partnerships and content, said Facebook, adding that it felt responsible for helping local news organizations.

Share